Nuggets & NBA

NBA Free Agency: Cavs complete 3-way trade; other deals

Jarrett Jack, left, has been traded to the Brooklyn Nets in a three-team deal to clear cap space for the Cavs if LeBron James decides to sign with them. (Michael Dwyer, The Associated Press)

NBA free agency began July 1, but the league's moratorium period prohibited players from signing contracts until Thursday, July, 10. Here is the latest roundup of completed deals and signed offer sheets.

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CLEVELAND — The three-team trade that gave the Cavaliers salary cap space to possibly land LeBron James is official.

Cleveland sent guard Jarrett Jack and swingman Sergey Karasev to Brooklyn and center Tyler Zeller and a first-round draft pick to Boston. Cleveland acquired a future conditional second-round pick from the Celtics and the draft rights to forwards Ilkan Karaman and Edin Bavcic from the Nets. The Celtics will get guard Marcus Thornton — and his expiring $8 million contract — from the Nets.

The deal, first reported on Wednesday, is designed to give the Cavs enough room under the salary cap to offer James, the four-time league MVP, a maximum contract ($20.7 million).

James, who met in Las Vegas with Miami president Pat Riley, has not announced where he will play next season. He is scheduled to attend the World Cup final in Brazil this weekend.

Jack, who signed with Cleveland as a free agent last season, was scheduled to make $6.3 million, Zeller will make $1.6 million and Karasev $1.4 million.

In trading those salaries, the Cavs have enough to give James the max deal — if he decides to sign with Cleveland. James played seven seasons with the Cavs before leaving as a free agent in 2010. (Tom Withers, The Associated Press)

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Chandler Parsons signs offer sheet with Mavericks

The Dallas Mavericks have made a move at small forward, with restricted free agent Chandler Parsons signing a three-year offer sheet worth more than $45 million.

The Rockets have three days to match the offer, though it wasn't immediately clear if they would do so for the 25-year-old forward who has played for them the past three seasons. Parsons was a second-round pick out of Florida in the 2011 draft.

Parsons averaged 16.6 points, 5.5 rebounds and 4.0 assists last season for the Rockets. He has played 213 games, starting 207 of them, while averaging 14.1 points, 5.2 rebounds and 4.1 assists.

In Dallas, he would be in a frontcourt with Dirk Nowitzki and recently reacquired Tyson Chandler. (Stephen Hawkins, The Associated Press)

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Marcin Gorton signs extension with Wizards

WASHINGTON — Marcin Gortat has signed his five-year, $60 million contract to remain with the Washington Wizards.

Gortat, 30, was traded from the Suns to the Wizards before the start of last season, and ended his 2013-14 campaigne with averages of 13.2 points and a team-high 9.5 boards per game while helping Washington to its first playoff appearance since 2008.

Yahoo Sports first reported the news of Gortat's new agreement on July 1, but Thursdsay was the first day players were permitted to sign contract. (Staff, The Associated Press)

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Hornets extend offer sheet to Gordon Hayward

CHARLOTTE, N.C. — Hornets general manager Rich Cho said the team has extended an offer sheet to free agent Gordon Hayward.

The deal signed Thursday would pay the small forward $63 million over the next four years. The Jazz have until 11:59 p.m. Sunday to match the offer and retain Hayward.

With the offer sheet in place, the sign-and-trade possibility with the Jazz is no longer an option.

The 6-foot-8 Hayward averaged career highs of 16.2 points, 5.2 assists, 5.1 rebounds and 1.4 steals last season while leading his team in scoring and minutes played. (Steve Reed, The Associated Press)

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AP source: Steve Blake signs with Trail Blazers

PORTLAND, Ore. — Steve Blake is coming back to the Trail Blazers.

A person with knowledge of the deal who cannot comment until it is formally announced confirmed Thursday that the free agent point guard has signed a two-year deal with Portland. The agreement was first reported by Yahoo! Sports.

The contract is worth a reported $4.2 million with a player option for the second year.

Blake has averaged 6.9 points, 4.0 assists and 2.2 rebounds over an 11-year NBA career. Last season he averaged 6.9 points and 5.6 assists, splitting the season between the Lakers and Warriors.

The Trail Blazers can use Blake to help back up All-Star guard Damian Lillard. Mo Williams, who was first off the bench last season, is a free agent this summer and has reportedly talked to the Dallas Mavericks.

Blake's wife, Kristen, posted a photo of Blake and Kaman together while on the Lakers to Twitter, writing: "Steve Blake and Chris Kaman, together forever. (hash)Portlandia."

The Blazers used their midlevel exception to sign Kaman and their biannual exception to sign Blake.(Anne M. Peterson, The Associated Press)

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Raptors re-sign Kyle Lowry

TORONTO — The Toronto Raptors have re-signed Kyle Lowry to a multiyear contract.

A photo of a billboard of Lowry wearing his Raptors uniform was posted to his Instagram account Thursday with the message "Signed, sealed, and delivered!!!"

The deal was agreed to last week but couldn't be made official until Thursday, when the NBA's moratorium on free-agent signings ended. Terms weren't disclosed, but Yahoo Sports had reported it was for $48 million over four years.

The 6-foot point guard posted career highs with 17.9 points and 7.4 assists per game in helping the Raptors to a club-record 48 victories and their second Atlantic Division championship. General manager Masai Ujiri says in a statement that re-signing Lowry was Toronto's top priority.

The Raptors acquired Lowry from the Houston Rockets in July 2012. In his two seasons with Toronto, Lowry has averaged 15.0 points and 6.9 assists in 147 regular-season games. (The Associated Press)

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AP source: Channing Frye agrees to sign with Magic

Forward Channing Frye has agreed to a four-year, $32 million offer sheet to sign with the Orlando Magic on Monday, according to a person familiar with the deal.

Frye can fill leadership and scoring holes created by the recent jettisoning of guards Jameer Nelson and Arron Afflalo.

The 31-year-old Frye opted out of the $6.8 million he would have made in the final year of his contract with Phoenix to become an unrestricted free agent.

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